Tom and Don spend this post-Thanksgiving episode dismantling the illusion that big insurance companies—Northwestern Mutual in particular—are “financial advisors” rather than high-pressure sales organizations built on whole-life commissions. Don recounts his own early days as a Dean Witter cold-call cowboy, and the two walk listeners through a damning Guardian investigation revealing recruitment practices, high-pressure quotas, and the wealth-destroying math behind whole life. The phones open to calls about Cambridge’s nearly 3% wrap fees, sociopathic insurance sales relatives, term-insurance needs for young families, Roth vs. pre-tax decisions, and how to find a real fiduciary advisor. The theme is consistent: avoid sales machines masquerading as advice, and keep investors from being devoured by the industry’s worst incentives.

0:04 Tech glitches, Thanksgiving jokes, and Tom’s three-week vacation cadence

1:45 Why this is “not the best-of”—it may be the worst-of

2:26 Don’s Dean Witter cold-call origin story and the culture of selling, not advising

3:35 Northwestern Mutual’s rebrand and the Guardian investigation

4:08 False promises: “You’ll make $200K in three years”

5:12 The cold-calling boot camp and why only one trainee survived (Don)

6:46 Inside the student recruitment pipeline and the friends-and-family harvesting

8:11 Whole life math: the S&P at +3700% vs. Northwestern at +44%

10:50 Why whole life persists: commissions

12:41 Wrap-up of the Guardian findings and the industry’s structural sleight-of-hand

16:23 CALL: Cambridge Wealth “index” portfolio with hidden fees

23:14 The reveal: Cambridge’s small-account wrap fees approach 3% per year

25:54 CALL: Son-in-law selling insurance, knows it’s a ripoff, loves the money

28:55 Thanksgiving family drama and the “sociopath vs. psychopath” riff

29:59 CALL: How much term life insurance should a high-income parent carry?

32:52 CALL (same): Splitting Roth vs. pre-tax contributions when income is high

34:28 CALL: How to find a true fiduciary (and avoid annuity traps)

37:59 The advisor interview form and how to make salespeople disqualify themselves

Learn more about your ad choices. Visit megaphone.fm/adchoices